Anfield’s Red Rim at 1.14 million lb U3O8 indicated
Momentum Public Relations
Press Release: April 4, 2017
Mr. Corey Dias reports
ANFIELD RESOURCES ANNOUNCES RESOURCE REPORT FOR FIRST OF 24 URANIUM PROJECTS IN WYOMING
Anfield Resources Inc. has received a National Instrument 43-101 mineral resource technical report for the Red Rim uranium project, entitled “Red Rim Uranium Project, Mineral Resource Technical Report, National Instrument 43-101, Carbon County, Wyoming, USA,” and dated March 31, 2017. Further to Anfield’s news release of March 21, 2017, the Red Rim report is the first in a series of National Instrument 43-101 technical reports related to Anfield’s 24 Wyoming uranium projects. The report was completed by BRS Inc., a consulting and engineering firm with nearly 40 years of experience assessing Wyoming uranium projects.
The resource estimate includes:
- An indicated resource of 336,655 tons of mineralized material with an average grade of 0.170 per cent (equivalent to an indicated resource of 1,142,449 pounds of triuranium octoxide);
- An inferred resource of 472,988 tons of mineralized material with an average grade of 0.163 per cent (equivalent to an inferred resource of 1,539,447 pounds of U3O8).
Corey Dias, Anfield’s chief executive officer, stated: “This report is a significant first step in identifying and delineating the uranium resource on the company’s properties in Wyoming, an important part of our multistate U.S. portfolio. Over the coming months we aim to delineate further uranium resources on our acquired Wyoming properties and plan to identify the most prospective. Crucially, Anfield has a resin-processing agreement in place with Uranium One in Wyoming whereby it can process up to 500,000 pounds of uranium per year at Uranium One’s Irigaray central processing plant, and the pairing of a future viable uranium resource with that agreement would place Anfield in a strong position to take advantage of the expected uranium price rebound.
“This expected rebound converges with Anfield’s strategy of acquiring quality uranium assets and proceeding with disciplined, staged development. We are confident that developing these Wyoming properties, in line with company strategy, will be a significant step towards becoming a top-tier U.S. uranium producer.”
A summary of the indicated mineral resource included in the Red Rim report is presented in the table. A summary of the inferred mineral resource included in the Red Rim report is presented in table.
INDICATED MINERAL RESOURCES GT minimum Pounds eU3O8 Tons Average grade % eU3O8 0.25 1,142,449 336,655 0.170 INFERRED MINERAL RESOURCES GT minimum Pounds eU3O8 Tons Average grade % eU3O8 0.25 1,539,447 472,988 0.163
Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with Canadian Institute of Mining, Metallurgy and Petroleum standards. Inferred mineral resources are too speculative geologically to have the economic considerations applied to them which would enable them to be categorized as mineral reserves.
The Red Rim project comprises approximately 1,000 acres of the mineral holdings of Anfield and includes 49 unpatented mining lode claims located approximately 20 air miles southwest of Rawlins, Wyo. The data used in the report utilize drill intercept data from two core holes and 136 rotary drill holes, including drill intercepts and geophysical logs.
The Red Rim project is located in an area that is the winter range for Pronghorn antelope. This may result in seasonal stipulations for field activities, including drilling. To the best of the company’s knowledge there are no other legal or environmental matters that could materially affect the potential development of these resources.
Radiometric equilibrium was assumed.
A unit weight of 125 pounds per cubic foot or 16 cubic feet per ton was assumed, based on the author’s experience working in operating mines in the Gas Hills within similar tertiary sandstone uranium deposits where reserve estimates were routinely compared with actual production.
For indicated mineral resources, the mineralized trend was bracketed by drilling and mineral resources were estimated using the GT contour method.
For inferred mineral resources, where the mineralized trend was not fully defined by drilling, at the interpreted location of the oxidation/reduction interface a thickness of six feet at an average grade of 0.15 per cent equivalent triuranium octoxide was assumed. Further it was assumed that mineralization in excess of a 0.5 GT extended approximately 50 feet either side of the interpreted oxidation/reduction interface and that mineralization grading down to a GT of 0.1 extended an additional 50 feet beyond that. These assumptions were based on the areas of close-spaced drilling where indicated mineral resources were estimated. GT contouring was completed within these limits and honoured available drill data.
National Instrument 43-101 disclosure
The NI 43-101 resource technical report completed for Red Rim has been authored by Douglas L. Beahm, PE, PG, principal engineer, of BRS Inc. The author has reviewed and approved the technical content of this news release.
A technical report on the resource technical report will be published on SEDAR and the company’s website within the 45 days permitted under NI 43-101.
About Anfield Resources Inc.
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets.
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